VCM

• Beneish M-Score = 2.4294 (measures likelihood of earnings manipulation using 8 accounting and performance ratios); this score places the company at the 98th percentile among Vietnamese peers (higher score = more aggressive accounting vs VN peers) and rose by +2.19 year-over-year (the trajectory moved sharply).
• DEPI (Depreciation Index) = 10.0000 (component of the M-Score measuring change in depreciation rate; an elevated DEPI suggests unusually large shifts in depreciation policies or estimates).
• SGI (Sales Growth Index) = 3.0363 (measures sales growth; a high SGI shows very rapid revenue growth which can correlate with aggressive recognition or stretched working-capital items).
• TATA (Total Accruals to Total Assets) = 0.5238 (measures accrual-based earnings; a large positive TATA indicates significant accruals relative to assets, consistent with low accruals quality).
• Cash conversion (3-year operating cash flow / net profit) = -3.83 (7th percentile vs VN peers; this measures the extent profits convert into operating cash — a strongly negative value indicates profits are not translating into cash).
• Earnings Quality Score: 25.7/100 with accruals quality 0.0/100, cash conversion 0.0/100 and margin quality 0.0/100 (these individual metrics measure, respectively, accrual reliability, profit-to-cash conversion, and stability of margins; the zero scores indicate weaknesses).

• Receivables quality = 100.0/100 (measures the collectibility and composition of receivables; a perfect score suggests receivables present less immediate concern).
• Revenue quality = 56.6/100 (measures persistence and reliability of reported revenue; a mid-range score indicates some support for reported sales).
• Altman Z-Score = 3.16 (measures distance to bankruptcy using balance-sheet and earnings inputs; a value above ~2.6 is typically classed as the ‘safe’ zone).
• No accumulated losses and owner’s equity (excluding minority interest) is positive; parent profit shows 0 consecutive years of net loss up to FY2025 (these are balance-sheet and statutory outcomes indicating the company has not breached loss-based thresholds).
• Receivables outside the trade cycle = 8.8% of total assets (78th percentile vs VN peers) — measurable and disclosed off-trade-cycle exposures are present but not extraordinarily large relative to peers.

Shareholding is concentrated among a small set of insiders and related entities: five top holders together account for 63.9% (Bùi Mạnh Hùng 14.3%, Tập Đoàn Bách Việt 14.0%, Trần Quang Vũ 13.5%, Nguyễn Thanh Hương 11.1%, Nguyễn Thị Hà Giang 10.0%). Director-deal registrations over 2025-10-30 to 2026-10-30 show 6 purchase registrations (5 traders; total 1,621,430 shares; 2 registrations without a volume) and 0 sale registrations — these are exchange-registered intentions, not executed trades.

• Compare the 2025 depreciation policy note with the prior-year note and the fixed-asset rollforward to reconcile the driver of DEPI = 10.0000 (look for changes in useful lives, residual values or retrospective adjustments).
• Reconcile the components of operating cash flow and the related-party cash flow disclosures for FY2023–FY2025 to verify the drivers of the 3-year cash conversion ratio = -3.83 (inspect collections, non-cash adjustments and one-off working-capital flows).
• Inspect the receivables and other long-term receivables schedules (including prepayments to suppliers and loans receivable) and the related-party disclosures to detail the 8.8% of total assets classified as receivables outside the trade cycle.
• Review the audited statement and notes that support statutory-loss tests (Decree 155/2020 Art.120(1)(e), amended by Decree 245/2025) to confirm which, if any, thresholds are met — current figures indicate none were met in the published FY2025 statements.